Liverpool to miss out on almost £103m due to the COVID-19 pandemic
With the coronavirus pandemic halting football operations across Europe, clubs have been hit financially. With revenue streams currently in limbo, a number of clubs have taken to applying for the government’s furlough scheme to help keep jobs.
One of these clubs was Liverpool, at least until yesterday. Following the backlash they received, what was perceived as them taking advantage of the scheme, the Reds have apologized and reversed their decision to do so. (h/t Liverpoolfc.com)
The Reds were not the only club to apply for the government scheme. Yet they received the bulk of the attention for doing so. Although it was morally unwise decision to do so, it made financial sense given the lack of cash inflow at the moment.
Finances, however, cannot always trump over losing one’s identity, especially given the city’s socialist nature. The club’s decision to backtrack will, however, come as scant consolation for clubs lower down the rung.
The Reds have enjoyed success both on and off the field in the recent past. This has seen the club post record profits. For clubs not earning as much, they now know they cannot get a get out of jail card without drawing public criticism.
Not so rosy for all!
Both the Manchester clubs have confirmed that they will not furlough their staff. While a club such as City don’t have to given their immense financial resources, one wonders if United were left with any choice following the backlash their arch-rivals received.
Liverpool are on course to end the season as champions – whenever that may be. The winnings should help offset the losses to an extent and we should be able to weather the storm. That is not necessarily true to many of the clubs below us, especially the ones that are running on losses. How many of them choose to do the morally right thing over their long-term survival remains to be seen.
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Right now, the priority is to combat the pandemic and football will have to do its bit to help the vulnerable and the helpless.